Standard&Poor's Ratings Services assigned its 'A+' long-term rating, with a stable outlook, to Southern Illinois University Board of Trustees' housing and auxiliary facilities system (HAFS) revenue bonds series 2009A, issued on behalf of Southern Illinois University (SIU). At the same time, Standard&Poor's affirmed its 'A+' underlying rating (SPUR) on the university's outstanding debt. The rating reflects the university's: Annual financial support for operations from Illinois (AA); Comprehensive course offerings, including medicine, law, engineering, pharmacy, and dental programs; Stable demand and enrollment; Good operating performance with a $25.3 million surplus for fiscal 2008; and Low overall debt burden of 3% of expenses and the self-supporting nature of the two auxiliary pledges. Offsetting factors include: A limiting state
